Home Careers Actuary



Birkirkara, Malta

Position Type


Experience Needed

Previous experience in similar role would be ideal

About the position

PKF Malta is looking to recruit an in-house Actuary to assist with the internal audit insurance team. The candidate must be based already in Malta and hold a Master's degree, including a diploma in actuarial science with 1 to 3 years of experience in a similar role. Preference will be given to candidates who progressed well in achieving the IFOA exams.


What You Will Do:

You will play a pivotal role in various technical aspects of actuarial work.

Your responsibilities encompass the following key areas:


Technical Provisions (Review):

  • Data Analysis and Wrangling: Thoroughly analyse and wrangle data to inform actuarial decisions.
  • Best Estimate Liabilities: Review and manage assumptions, reserves, discounting, and management actions.
  • Risk Margin: Assess non-hedgeable risk capital, cost of capital, and discounting factors.


SCR (Review & Independent Calculation):

  • Market Risk: Verify asset data, perform reconciliation, and classify assets. Apply standard formulas for risk assessment.
  • Non-life Risk: Evaluate non-life insurance risk and associated provisions.
  • Operational Risk: Assess operational risk factors and implications.
  • Loss Absorbing Capacity of Deferred Tax: Examine the capacity of deferred tax to absorb losses.
  • Consolidation and Analysis: Analyze and consolidate various aspects of actuarial work.


IFRS 17 Reserves Review:

  • Conduct data analysis and refine methodology for IFRS 17 reserves.
  • Calculate IFRS 17 reserves using actuarial methods and models.
  • Provide actuarial data and assumptions, and produce cash flow projections (LRC, LIC) for year-end reserve calculations.


LIC & LRC - Direct/Reinsurance (Review & Independent Calculation):

  • Review and independently calculate Best Estimate reserves, including IBNR, S&S, OCR, ULAE, UPR, and DAC.
  • Assess Contractual Service Margin (CSM) and Risk Adjustment (RA).


PAA Eligibility Assessment:

  • Conduct in-depth assessments of PAA eligibility, involving policy and technical document review.
  • Review GMM and PAA LRC modeling approaches, input assumptions, and conduct independent sample testing.
  • Analyze LRC outputs and eligibility assessment results.


Product Development and Pricing:

  • Lead pricing studies for insurance programs


Solvency II:

  • Calculate reserve levels, capital requirements, and dividend amounts.
  • Prepare regular and Pillar II reports.
  • Develop risk management policy and reference frameworks for risk measurement.


Technical Monitoring of Portfolios:

  • Regularly monitor portfolio technical and risk factors, and identify alert indicators.



  • Develop actuarial, statistical, and data tools to enhance actuarial studies, risk estimation, data automation, and optimisation.


Actuarial Support:

  • Provide actuarial support for operational activities and projects.


Who We Are Looking For:

To excel in this role, we are seeking candidates with the following qualifications and characteristics:

  • A master's degree, including a diploma in actuarial science.
  • Intermediary or advanced stage of obtaining the IFOA exams.
  • 1 to 2 years of experience as an actuary in the insurance field.
  • Strong analytical skills, attention to detail, and a proactive approach.
  • Effective communication and interpersonal skills.


IT Skills:

  • Proficiency in one of the following software tools: "R" or "R-Studio," "Python," or "VBA."
  • Experience with SQL/MySQL and a general understanding of relational databases.


Language Skills:

  • Fluent in Business English


Why work at PKF work? Check out some of our company benefits:

  • Competitive salaries with annual increases and job security.
  • Employee referral bonus ranging from €500 to €1000 (T&Cs apply)
  • Opportunities for career growth and advancement.
  • Recognition for exceptional performance.
  • Professional Development: access to both in-house & external training programs.
  • A modern and safe workplace.
  • Ensuring a healthy work-life balance.
  • Hybrid working conditions, providing flexibility
  • A youthful, enjoyable and welcoming work environment.
  • An open-door policy with Seniors and Partners.
  • Compensation for overtime work (when applicable).
  • Regular team events and activities to foster camaraderie and professional growth.
  • Study leave offered to enhance your skills & knowledge.

Send your Cover Letter and CV to